Kinderhook Industries has sold Trilogy Home Healthcare to CenterWell Home Health, a subsidiary of publicly traded Humana.
CenterWell provides home health services, including nursing, physical therapy, occupational therapy, speech-language pathology, assistance with daily activities, and social work support. Atlanta-headquartered CenterWell serves more than 350,000 patients each year from 350 locations in 38 states and is the nation’s largest provider of home health services, senior-focused primary care, and the fourth largest pharmacy benefit manager.
Humana acquired a 100% equity interest in CenterWell (then Kindred at Home) in August 2021 and completed a rebranding of the company to CenterWell in September 2022. Humana first invested in Kindred at Home in July 2018, acquiring a 40% equity interest, in partnership with TPG Capital and Welsh, Carson, Anderson & Stowe.
Trilogy is a Medicare-licensed home healthcare company with eleven offices in the state of Florida. The company’s services include skilled nursing, physical therapy, occupational therapy, speech-language pathology, and medical social work. Trilogy, led by CEO Dale Clift and President Jamie Hynes, was founded in 2016 and is headquartered in West Palm Beach, Florida.
“Over the course of Kinderhook’s ownership, the Trilogy team completed nine add-on acquisitions and expanded its footprint to eleven offices,” said Louis Aurelio, a managing director at Kinderhook. “These investments combined with a premier management team created the largest independent home health provider in Florida. CenterWell’s expansive footprint and commitment to growth will fit perfectly with Trilogy’s culture.”
“I have enjoyed the partnership with Kinderhook and am proud of what we have accomplished together at Trilogy. Their support has been instrumental in helping the company achieve its growth and expansion goals,” said Mr. Clift. “We are excited to partner with CenterWell to continue to deliver best-in-class care and improve outcomes for patients at home. I am confident that Trilogy will thrive under CenterWell’s ownership.”
“As the nation’s largest provider of home health services, CenterWell Home Health is committed to helping the patients we serve take more control of their health in the comfort of their homes,” said Andrew Agwunobi, the CEO of CenterWell. “The acquisition of Trilogy will allow us to serve more people in key markets throughout Florida – delivering on the promise of CenterWell’s integrated senior-care strategy to improve health outcomes across our CenterWell primary care, home health, and pharmacy businesses.”
“Kinderhook is thrilled with this outcome for Trilogy, its management team, and its employees,” said Chris Michalik, a managing director at Kinderhook. “This result highlights Kinderhook’s approach of partnering with exceptional management teams and providing them with the resources to achieve outsized growth. We would like to thank Dale Clift, Jamie Hynes and the entire Trilogy team for their unwavering dedication to their patients and mission over the last six years. We wish the team well under CenterWell’s ownership and are excited to see their future growth.”
Kinderhook makes control investments in companies with transaction values of $25 million to $150 million in which the firm can achieve financial, operational, and growth improvements. Sectors of interest include healthcare services; environmental and business services; and automotive and light manufacturing. The firm was founded in 2003 and is headquartered in New York City.
Healthcare specialist Edgemont Capital Partners was the financial advisor to Kinderhook and Trilogy on this transaction.
© 2023 Private Equity Professional | May 9, 2023
